Equity gauges flat on global cues, private banks suffer losses

Mumbai (Maharashtra) [India], Oct 23: Equity benchmark indices remained flat on the bourses during early hours of Wednesday amid weak global cues as investors awaited a slew of corporate earnings of the second fiscal quarter.

At 10:15 am, the BSE S&P Sensex was up by 110 points at 39,073 while the Nifty 50 edged higher by 48 points to 11,637. All sectoral indices at the National Stock Exchange were in the red with thin margins except for Nifty IT and pharma. Among stocks, private lenders Yes Bank, IndusInd Bank and Kotak Mahindra Bank were down between 1.3 and 1.7 per cent. Adani Ports lost by 4.8 per cent, Tata Motors by 2.4 per cent and JSW Steel by 1.1 per cent.

Infosys which had shed 16.65 per cent on Tuesday after a whistleblower complaint against unethical practices by certain senior management members of the firm, was trading at Rs 644.35 per share, up by 0.16 per cent. However, those which showed gains were Bajaj Finserv, Bajaj Finance, HCL Technologies, Titan and Britannia.

Meanwhile, Asian markets fell after British lawmakers rejected the government’s schedule to fast-track legislation for a Brexit deal despite voting for the bill. That effectively meant that Britain will not be able to finalise its exit by the October 31 deadline.

Japan’s Nikkei stood almost flat after having fallen as much as 0.4 per cent while MSCI’s broadest index of Asia Pacific shares outside Japan fell by 0.5 per cent.
Hong Kong’s Hang Seng slipped by 0.94 per cent, Shanghai Composite by 0.31 per cent and South Korea’s Kospi by 0.42 per cent.

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